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Expanding CPP most effective means of pension reform: report Anonymous . Canada NewsWire ; Ottawa [Ottawa]. 14 Apr 2010.

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ABSTRACT (ABSTRACT) "Expanding the CPP, whether by increasing the replacement rate or increasing the level of covered earnings, or

both, would address the issue of coverage, security of benefits, and low cost of administration - all the key

objectives of pension reform," [Monica Townson] concludes.

Options for Pension Reform: Expanding the Canada Pension Plan is the final report in a series on pension reform

released by the CCPA. What Can We Do About Pensions?, provides an overview of the issue and A Stronger

Foundation: Pension Reform and Old Age Security examines the Old Age Security system. All three reports are

available on the CCPA website: http://policyalternatives.ca FULL TEXT OTTAWA, April 14 /CNW Telbec/ - Expanding the Canada Pension Plan would be the most effective way to ensure

all Canadian have adequate retirement incomes, says a new report by the Canadian Centre for Policy Alternatives

(CCPA).

The report, by pension expert and CCPA Research Associate Monica Townson, provides an analysis of the options

for expanding the CPP in order to address Canada's pension difficulties.

"There is now widespread concern that unless changes are made, a significant number of workers will reach

retirement age without sufficient income to support themselves," says Townson.

"Only 38% of workers have a workplace pension plan and private savings through RRSPs are woefully inadequate.

The average amount held in RRSPs by those aged 55-64 is estimated at about $55,000."

In comparison with other countries, Canada's public pension programs provide relatively low replacement rates,

covering incomes up to the level of the average economy-wide wage. Comparable programs in other OECD

countries cover income levels up to almost double the average wage in those countries.

The CPP is seen as secure, reliable, cost-effective, and well managed. It covers virtually all Canadian workers,

whether employed or self-employed, full-time or part-time; it is fully portable when workers change jobs; it is

indexed for inflation; and it accommodates the different work patterns of women.

"Expanding the CPP, whether by increasing the replacement rate or increasing the level of covered earnings, or

both, would address the issue of coverage, security of benefits, and low cost of administration - all the key

objectives of pension reform," Townson concludes.

Options for Pension Reform: Expanding the Canada Pension Plan is the final report in a series on pension reform

released by the CCPA. What Can We Do About Pensions?, provides an overview of the issue and A Stronger

Foundation: Pension Reform and Old Age Security examines the Old Age Security system. All three reports are

available on the CCPA website: http://policyalternatives.ca

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Subject: Cost control; Pension plans

Business indexing term: Subject: Cost control Pension plans

People: Townson, Monica

Publication title: Canada NewsWire; Ottawa

Publication year: 2010

Publication date: Apr 14, 2010

Dateline: Ontario

Publisher: PR Newswire Association LLC

Place of publication: Ottawa

Country of publication: United States, Ottawa

Publication subject: General Interest Periodicals--Canada

Source type: Wire Feed

Language of publication: English

Document type: News

ProQuest document ID: 453058357

Document URL: http://ra.ocls.ca/ra/login.aspx?inst=centennial

&url=https://www.proquest.com/wire-feeds/expanding-cpp-most-effective-means-

pension-reform/docview/453058357/se-2?accountid=39331

Copyright: (Copyright (c) 2010 Canada Newswire. All rights reserved.)

Last updated: 2021-09-22

Database: ProQuest Central